Bankruptcy Chapter 7

Bankruptcy Chapter 7

What is Chapter 7 Bankruptcy Law?

Chapter 7 Bankruptcy, sometimes referred to as "personal bankruptcy", was created to help those individuals or small businesses resolve their unpaid debts through payment plans and the liquidation of assets. Filing for bankruptcy could eliminate some of your tax liability and even give you the ability to stop foreclosures.

Not everyone qualifies under the new Chapter 7 bankruptcy law. If you have already filed for a bankruptcy discharge in the past six to eight years, you may not be able to file. In order to be eligible, your "current monthly income" must be less than or equal to the median income for a household of your size in your state. If your income exceeds the median, then you are only eligible for Chapter 13 bankruptcy. All debtors are required to undergo credit counseling on budgeting and debt management before applying for Chapter 7 bankruptcy.

The entire process for filing for Chapter 7 bankruptcy takes around four to six months. When you file, you will be required to fill out a petition as well as some other forms that detail your income, your living expenses, your debts, your property, and some other relevant information.

Chapter 7 Bankruptcy Lawyers

A Chapter 7 bankruptcy lawyer may be able to assist you with immediate debt protection so that you can get your finances back on track and begin to repair your credit. By providing you with valuable legal assistance, a Chapter 7 bankruptcy lawyer can help you pick the option that is best suited for your unique financial situation. When filing for personal bankruptcy, a Chapter 7 bankruptcy lawyer can remove a lot of the confusion and headache associated with your filing.

Lawyer Referral Service

If you are considering filing for Chapter 7 bankruptcy protection, Attorney Search Network can help you quickly find a pre-qualified bankruptcy lawyer so that you can finally get your financial affairs in order. We can assist you in finding an attorney to make the process of Chapter 7 bankruptcy filing fast and simple.

If you have any questions about filing for Chapter 7 bankruptcy, please contact Attorney Search Network.

Attorney Search Network can provide you with an attorney referral you to a pre-screened Chapter 7 bankruptcy lawyer in your area today.